TLDR:
Harlem Capital is seeking to raise $150 million to fund diverse founders, topping its previous high of $134 million. The Black-led venture capital firm currently manages $174 million in assets and has made over 80 investments. The firm was founded in 2019 by Henri Pierre-Jacques and Jarrid Tingle and aims to support underserved entrepreneurs.
Harlem Capital Seeks To Raise $150 Million
Harlem Capital, a Black-led venture capital firm, is seeking to raise $150 million, surpassing its previous high of $134 million set in 2021. Founded in 2019 by Henri Pierre-Jacques and Jarrid Tingle, the firm initially started as angel investors before transitioning into venture-style investing for underserved entrepreneurs.
The firm filed documents with the Securities and Exchange Commission outlining its plan to raise $150 million. Harlem Capital currently manages $174 million in assets and has invested in over 80 companies, including Propane.ai and Poolit, a fin-tech company.
Pierre-Jacques mentioned in a Forbes interview that when they started the fund, there were no other companies focusing on businesses led by Black founders and other people of color. However, there are now other Black-owned venture capital firms operating in this space, like Fearless Fund, which has been criticized for its emphasis on Black and women-owned companies by conservatives.
The current climate around diversity and inclusion initiatives may impact the success of Harlem Capital’s fundraising efforts, with some challenging the focus on underrepresented groups. However, supporters argue that diversity in leadership can lead to more ethical and responsible business practices.
